Phase 1 is now complete! A snapshot was taken of all users who participated and Phase 1 participants were awarded a 1000x multiplier on their points. These users will have the very first referral codes to use to earn bonus points once Phase 2 goes live! The first $COIN holder snapshot was also taken as of January 14th at 08:00 UTC.
There will be multiple seasons within Phase 2 and the first up is HIGH STAKES. In this Phase you will be able to stake $COIN and other tokens to earn points towards the airdrop.
As mentioned above there will also be a unique referral code that each registered user will have that will allow them to earn additional points for each user they onboard who stake in the token pools. Users can earn points solely based off of referrals if they wish to do so. There is no requirement to participate in staking to earn points for the airdrop.
Staking Referral Tiers
Tier 1 (Direct referrals) = 15%
Tier 2 (Your referred users Tier 1) = 8%
Example:
User A refers User B. User B stakes tokens and earns 1,000,000 points. User A would receive 150,000 points from User B.
User B refers User C and they earn 1,000,000 points. User B would receive 150,000 points from User C. User A would also receive 80,000 points from User B’s Tier 1 referral.
Staking
The staking offered in Phase 2 is very similar to the DeFi landscape in 2020 that witnessed the rise of innovative staking pools on platforms like Yam Finance and SushiSwap, offering users diverse ways to participate and earn rewards. Whether driven by yield farming, governance involvement, or liquidity provision, these staking pools played a crucial role in shaping the decentralized finance ecosystem.
In HIGH STAKES you will earn points that contribute to your overall score that will determine your share of REDACTED.
Current tokens that will have supported staking pools on launch include:
COIN — BrianArmstrongTrumpYellenGTA6
APX — AstroPepeX
WOOL — Wolf Game Wool
BANANA — BANANA (Cyberkongz)
RLB — Rollbit Coin
PEPE — Pepe
SHIB — Shiba Inu
WETH — Wrapped Ethereum
Each token will have its own pool of points that will be earned by participants who stake in them. The pool size will vary by tier with $COIN getting the largest pool. Most pools will be single sided but there will be at least one pool that will allow for liquidity pool staking. These pools are subject to change.
Single Sided Staking vs. Liquidity Pool Staking: Understanding the Choices
In the evolving world of decentralized finance (DeFi), users were presented with two primary options when it came to staking their assets: single-sided staking and liquidity pool staking. Each method carried its own set of benefits and considerations.
Single Sided Staking:
Single sided staking involves users staking a single type of asset, such as COIN or WOOL, without providing liquidity in a paired pool. This approach offers simplicity and ease of participation, making it an attractive option for those looking for a straightforward way to earn rewards.
Advantages:
- Simplicity: Users only need to stake a single asset without the need for a paired token.
- Accessibility: Ideal for users who want a hassle-free staking experience without dealing with multiple assets.
Considerations:
- Lower Rewards: Single sided staking might offer lower rewards compared to liquidity pool staking as it doesn’t contribute to the platform’s liquidity.
Liquidity Pool Staking:
Liquidity pool staking involves providing liquidity by staking two assets in a paired pool, such as COIN/ETH or WOOL/ETH. Users contribute to the platform’s liquidity and, in return, earn rewards based on their share of the total liquidity pool.
Advantages:
- Higher Rewards: Liquidity providers earn a portion of the transaction fees and additional tokens, leading to potentially higher overall rewards.
- Platform Liquidity: Contributes to the liquidity of the platform, benefiting traders and the overall ecosystem.
Considerations:
- Impermanent Loss: Liquidity providers are exposed to impermanent loss, a potential risk when the value of the staked assets diverges.
Choosing the Right Staking Method:
Users faced the decision of choosing between single-sided staking and liquidity pool staking based on their preferences and risk tolerance. Those seeking simplicity and a direct approach to staking might opt for single-sided staking. On the other hand, users willing to provide liquidity and potentially earn higher rewards could find liquidity pool staking more appealing.
See you in Phase 2!
